JOHN JOEL KANYALI V. FIDELITY COMMERCIAL BANK

RULING OF THE COURT

This is a Rule 5(2)(b) application which inter alia seeks an injunction to restrain the respondent Bank from realizing property, Kwale/Diani Beach/Block/603 in exercise of its statutory powers of sale and further seeks a stay of further proceedings in High Court Civil Case No. 709 of 2009 pending the hearing of an intended appeal against a ruling of the High Court (Kimondo, J.), made on 17^th November 2011 in High Court Civil Case No. 709 of 2009. The application is supported by an affidavit sworn by the applicant/chargor on 24^th November 2011.

The factual background of the dispute is that in 2007, the applicant who is the registered owner of Kwale/Diani Beach/Block/603 applied for a development loan in the sum of Kshs.7 million to complete construction of a commercial building adjacent to the aforesaid parcel being Kwale/Diani Beach/Block/605. The loan was approved in March 2008 and a charge over parcel 603 (above) was executed on 26^th March 2008 and the disbursement…